IMF says St Kitts-Nevis meets quantitative performance targets
The Washington-based International Monetary Fund (IMF) has reported that all quantitative performance targets appear to have been met by St Kitts and Nevis despite continued weakness in real output growth in its assessment of the stand-by arrangement (SBA).
Alfred Schipke, head of an International Monetary Fund (IMF) staff mission to St Kitts and Nevis, led an IMF Team that reviewed the ongoing macroeconomic and structural policies and also assessed the performance of the program’s quantitative targets at the end-September 2011.
In a statement issued at the end of a press conference, Schipke said the revenue enhancement measures implemented last year continue to yield increased tax receipts in line with program expectations at the time of the SBA approval. The authorities have also restrained expenditure growth in order to meet the program target for the overall fiscal balance.
He said significant progress has been made on the structural reform agenda that aims to strengthen revenue collection and Treasury management to improve budget performance, enhances financial regulation and supervision, and supports the debt restructuring.
“The legislation to facilitate the corporatization of the electricity department has been passed resulting in the establishment of the St Kitts Electricity Corporation, which is expected to cover its costs. At the same time, progress has been made in discussions with both external and domestic creditors over the terms on which the public debt, which remains unsustainable, will be restructured. Possible scenarios for the restructuring of the external debt have been discussed with creditors and discussions on a framework for the dealing with domestic creditors are advancing. As the government has previously indicated, Treasury Bills will be excluded from the debt restructuring exercise. Meanwhile, the registration and valuation of the first 600 acres of land, which are part of proposed debt-land swap, is expected to be completed before the end of this year,” said Schipke.
“The mission and the authorities have agreed on a draft letter of intent that incorporates the policies to be presented in the 2012 Budget to continue the Government’s home grown fiscal consolidation program, and reconfirms the structural benchmarks for 2012. These include, among others, the drafting and enactment of new procurement legislation, development of a medium term expenditure framework, and strengthening of social safety nets. Based on these actions and on the fiscal performance, the mission would recommend to the IMF Executive Board completion of the first review under the SBA. The IMF Board is expected to discuss the first review at the end of January 2012,” said the IMF official.
Schipke said the authorities remain firmly committed to the program’s policies and objectives, and recognize the benefits of strong macroeconomic policies in achieving the goals of their economic program.
He said the government is aware that there are still many challenges ahead, including the impact of the protracted global recovery and volatility in world financial markets on domestic economic activity, elevated food and fuel prices, and the ever-present threat of natural disasters.
“Despite the strong performance in 2011, and given the weakened global environment, the fiscal situation continues to be constrained. Continued implementation of the program, including the execution of comprehensive debt restructuring agreements with creditors, will help establish the conditions for strong economic growth and employment to improve the living standards of all citizens,” Schipke said in the statement.
CUOPM
Health Minister wants to lift media ban in TNT
Reports of bad attitudes and problems at health facilities have prompted Health Minister Dr Fuad Khan to reconsider lifting the ban on media having access to health institutions.
He wants the media to expose deficiencies in the health system with the hope that this would lead to improvement. Khan said last weekend he had received reports about “attitudes” and problems in the nation’s hospitals and he would meet with the regional health authorities (RHA) to consider lifting the ban on media entering public health institutions.
The former administration introduced the Regional Health Authority (Conduct) Regulations 2008, which included a clause prohibiting health workers from talking to media without authorisation. The regulations were drafted to govern public officers after they were transferred to the RHAs. Media have been told that the chairmen and chief executive officers of RHAs are authorised to speak for the organisation.
Responding to questions from media after the opening of the orientation programme at Crowne Plaza, Port-of-Spain for health care professionals from Cuba, Khan said, “You (media) will be able to look at the negatives, report them and at the same time don’t sensationalise them. Interview the people responsible for non-maintenance, indifferent attitudes, hostile security behaviour to our patients and their relatives. In doing so I do hope we will be able to upgrade our health system to a manner that is going to be excellent.”
Khan said he had to speak to ministry and RHA personnel to come up with a policy. He said the privacy of patients who do not want media coverage must be protected. “You will be allowed to interview (anyone) you so desire but keeping the privacy of the patients which is the most important part of it. In doing so you will be helping me by putting people on the radar so they will have to do their jobs better.”
Asked about the regulations which restrict medical personnel speaking to media and whether these would be amended, Khan said the regulations could be changed and this was why a policy had to be developed.
Newsday
Former Antigua PM says “no” to scrapping LIAT
Former Prime Minister Lester Bird has rejected the suggestion by the Vincentian leader for LIAT to be scrapped and replaced with a new airline.
Dr Ralph Gonsalves, Prime Minister of St Vincent and the Grenadines and head of LIAT shareholder governments, made the recommendation last week following three days of industrial action by pilots.
However, Bird, the Political Leader of the main opposition Antigua Labour Party (ALP) said, “The solution to a labour dispute cannot be the creation of a new legal entity. Prime Minister Gonsalves’ proposal does not address the issue and further complicates the finding of a reasonable solution in quick time.”
The former Prime Minister insisted that any solution to the ongoing industrial dispute lies with the airline management.
He urged the government to also involve the ALP in discussions on the future of LIAT since his party assisted the Antigua-based airline several times while it was in office.
“The ALP calls on Mr. Spencer to include Her Majesty’s Loyal Opposition in any consultation and decision-making that pertains to LIAT. The ALP insists on consultations that will include all stakeholders, in search of a quick solution,” Bird said in a statement.
“LIAT must not and cannot be allowed to deteriorate through stubborn and unbending decisions that will continue to inflict serious damage on the carrier, and hurt the island-countries that are dependent upon LIAT.”
Labour Minister Dr Errol Cort is mediating in the dispute that was caused by last week Monday’s sacking of veteran pilot, Captain Michael Blackburn, Chairman of the pilot’s union.
The negotiations are expected to continue today.
Caribbean 360 News
Ballot box break-in threatens talks between Guyana political parties
The discovery of a break-in of three containers holding ballot boxes is threatening to undermine parliamentary partnership talks between the country’s main political parties.
The People’s Progressive Party/Civic (PPP/C) said this and other evidence points to a clear conspiracy to “cheat the PPP/C of a clear parliamentary majority.”
The ruling party had initiated talks with the opposition coalition group, A Partnership for National Unity and the Alliance for Change after its 32-seat win in the November 28 general election left it without a majority in the 65-seat National Assembly.
President Donald Ramotar said the discussions were aimed at arriving at a consensus on the way forward.
“I can promise you that I would do my best to make this new arrangement work; and very, very soon we will have indications if I will have partners at the other side as we push our country forward,” he said.
The PPP/C is now accusing some political elements, which it did not identify, of using military-type planning and operation to frustrate and undermine the democratic process in Guyana.
The party said it is “flabbergasted by the on-going efforts by certain forces to interfere with the integrity of the 2011 elections material and vital evidence should there be either a recount or even a forensic audit, which the party is advocating.”
“… The PPP/C has always maintained that it remains unopposed to a total or partial recount of the ballots given our firm view that there was orchestrated misconduct at several polling station and divisions.
“It must be noted that the PPP/C was prevailed upon to withdraw its request for partial recount as the opposition had claimed that would delay the announcement of the preliminary results. This request was made by the PPP/C in light of certain facts and activities that took place and affected votes which were cast for the PPP/C.”
The ruling party said it expects the Guyana Elections Commission (GECOM) and law enforcement authorities to move resolutely in apprehending those involved.
GECOM has not yet issued a statement on the matter.
Caribbean 360 News
Oprah, Louis Farrakhan visit Haiti
President Michel Martelly said he intends to ask American talk show host Oprah Winfrey to serve as a goodwill ambassador for Haiti to boost aid to the country.
He said the request would be made during her visit to the country this week. He is scheduled to meet with Winfrey today, a day after she arrived in the country.
Hundreds of thousands of people were displaced following the 2010 earthquake that devastated the country. Many continue to live in makeshift camps.
During her visit, Winfrey will visit a settlement camp for displaced people run by Hollywood actor Sean Penn and his aid group.
She is also expected to meet with American fashion designer Donna Karan.
Winfrey’s visit coincides with a five-day trip to the country by Louis Farrakhan, Leader of the African-American religious movement, Nation of Islam, who is looking at ways his organization can assist with rebuilding the country.
“I have longed throughout my life to set my foot in the sacred soil of Haiti,” Farrakhan told journalists.
Caribbean 360 News
MC Hammer Pays Off Financial Debt to IRS
Oakland bred rapper MC Hammer is reportedly being sued by the United States Government for $779,585 in back taxes owed from his earnings.
The money in contention dates back to 1996 to 1997, during the years in which Hammer was believed to be facing his worst financial problems, since he filed for bankruptcy in 1996.
But according to Hammer, he’s already taken care of the debt.
The rapper took to Twitter to assure fans and naysayers, that has proof that he took care of his debt with the IRS.
“700k … Don’t get too excited .. I paid them already and kept my receipt. Stamped by a US Federal Judge,” Hammer Tweeted from his Twitter account @MCHammer.
Despite his bankruptcy claim in 1996 due to $13 million worth of debt, just half a decade earlier in 1991, Forbes Magazine had estimated the rapper’s net worth at over $33 million dollars.
Hammer, who is known for his hit songs “U Can’t Touch This” and “Too Legit to Quit,” admittedly mismanaged his finances during that period.
“I didn’t just take money and say, ‘I want to be a blessing to myself,’” he said. “I took my money and employed 200 people in my community. I had a payroll of a million dollars a month at times.”
allhiphop
Jermaine Dupri Sued Over Repossessed Lamborghini
Rap mogul Jermaine Dupri is at the center of a lawsuit over his 2005 Lamborghini Murcielago.
Premier Financial Services recently filed a lawsuit against the So So Def mogul in Georgia Superior Court, claiming he has failed to make payments on the car.
According to the lawsuit, Jermaine Dupri made a $70,000 down payment on the car and financed the remainder of the luxury vehicle at a price of $330,000.
He was to make 58 payments at a cost of $4,323, but around 2009, the mogul defaulted on the loan.
The lawsuit claims that Jermaine Dupri still owes almost $80,000 on the Lamborghini.
According to reports, Jermaine Dupri’s Lamborghini has already been repossessed and sold for $115,000, but the company is suing the rapper/producer for $79,095 damages.
allhiphop
More Carnival bands next year
he newly built Carnival seating facilities at the Queen’s Park Savannah which was completed at a cost of more than $50 million in time for Carnival activities this year, is being “tweaked” to make it better for patrons attending Carnival activities come 2012. Minister of Arts and Multiculturism, Winston Gypsy Peters said on Saturday.
Peters was at the time fielding questions from reports at the Launch of Carnival 2012, at the Queen’s Park Savannah, Port-of-Spain. According to Peters, “We are enhancing the facilities and making it better. This needs a little tweaking here and there so we are improving on the facilities,” Peters said.
According to Peters, Carnival 2012 is going to be branded “The Real Thing”. He said he is expecting a bigger, better Carnival 2012 with more tourists than ever before. He noted that people should feel safer because the recently disbanded state of emergency (SoE) had a positive effect on the country. Peters said, “The National Carnival Bands Commission (NCBA) has confirmed that there will be more bands on the road next year, so Carnival is going to be bigger. Carnival is going to be safe, innovative and vibrant. It is going to be a spectacle to behold; it’s going to be a bigger, better Carnival. People should feel safer being in Trinidad and Tobago today.
Last year had a record-breaking visitorship in the country and we had more crime than we have now.
There is no reason why we should not have more people now in the country; the SoE has had a positive effect on the country.”
Questioned on the Carnival routes Peters said unless the routes are expanded to other places in the city, routes will always be a problem. “The routes will always be a problem, there is nothing that we can do because Carnival keeps expanding and every year we get larger bands and the fact is that this is what we are going to have unless and until we expand the routes to other places in the city,” he said.
While the government increased prize monies for all the major Carnival competitions this year, Peters confirmed that last year’s $2 million was a “one off”. “There will be no $2 million prize monies next year.
We made it clear this year that it was a one off thing. The government could only do what we could do,” Peters said.
US box office hits three-year low
The US box office has suffered its lowest takings in three years, despite the pulling power of romantic comedy New Year's Eve's all-star cast.
The film, featuring the likes of Sarah Jessica Parker, Halle Berry, Robert De Niro and Ashton Kutcher debuted at number one with just $13.7m (£8.8m).
Jonah Hill comedy The Sitter opened at number two with just $10m (£6.4m).
The poor weekend leaves total box office revenues for 2011 about four percent down compared to last year.
"It's unbelievable how bad it is," said Hollywood.com analyst Paul Dergarabedian.
The last two weeks have been the lowest-performing at the US box office for the entire year.
Cinema-goers spent $77.4m (£49.5m) on tickets over the weekend, down from $81m (£52m) the previous week.
Reviews for New Year's Eve, a follow-up to box office hit Valentine's Day, were not kind.
The London Evening Standard said: "This is one of those unusual films that's more boring than life."
Time magazine added: "Neither nicely written, nor nicely acted nor nicely made."
The Twilight Saga: Breaking Dawn, Part 1 found itself in in third place with takings of $7.9m (£5.1m).
The fourth film in the vampire franchise has made around $260m (£167m) in the US so far.
Disney's The Muppets took fourth place for the weekend with $7.1m (£4.5m) and British comedy animation Arthur Christmas took the fifth spot with $6.6m (£4.2m). Its total earnings in the US now stand at $33.5m (£21.5m).
Next weekend sees the release of Hollywood's end-of-year blockbusters with Robert Downey Jr returning in Sherlock Holmes: A Game of Shadows and the family film Alvin and the Chipmunks: Chipwrecked.
Also on the horizon are Tom Cruise's Mission Impossible: Ghost Protocol and David Fincher's adaptation of The Girl With The Dragon Tattoo.
Shaggy supports Jamaica Jazz and Blues
The Jamaica Jazz and Blues Festival was hailed by a musical superstar as one of the remaining bastions in support of not just reggae music but other musical genres and culture as a whole.
Alerting the music world he was about to deliver “real talk,” Shaggy, the Jamaican dancehall hit-maker and Grammy winner, spoke frankly about the importance of the 2012 festival in promoting reggae music, while others around the world turn the volume down on the Jamaican art form.
The Grammy award-winning artist, one of several top Jamaican acts headlining the bill for the 2012 Jamaica Jazz and Blues Festival, was speaking to a spellbound audience at the New York launch of the 16th annual festival set for January 26 to 28, 2012 at the Trelawny Multi-Purpose Stadium in Jamaica.
“In Europe there are only three remaining festivals,” he lamented. “At one point there were 15. This is …something we need to change for ourselves.”
Shaggy’s appearance at the 2012 festival will be part of a Thursday night tribute to Jamaica’s golden anniversary of independence as organizers highlight Jamaica’s rich musical sounds over the past 50 years.
Shaggy, affectionately known as “Mr. Bombastic”, Richie Stephens and a slate of top Jamaican reggae musicians are expected to deliver some of their classic hits and newer material at the Jamaica Jazz and Blues Festival.
“I call this the Shaggy festival,” he joked, “and I’m really looking forward to once again being part of the event.”
Noting the importance of the host destination the star remarked, “There is a cool factor that comes with brand Jamaica – we are a small country but we have an exceptional brand. And that brand comes with this enormous cool factor which we need to market to its fullest.”
Shaggy added events such as the Jazz and Blues Festival attract not only music-loving visitors, but also investors to the island. “In so doing, we create revenue and jobs.”
The international headliner also declared the creation of jobs brought another critical contribution: “when you eliminate poverty, you eliminate crime.”
Walter Elmore, chairman of the event producers, Art of Music Productions Ltd, predicted next year’s festival will be “the biggest event Jamaica has ever seen. We are extremely happy and proud of the fact that the Jamaica Jazz and Blues Festival kicks off a year-long series of major events in celebration of Jamaica’s 50th Anniversary of Independence.”
“We are promising to deliver an event that will make both the Jazz Festival and the Independence celebrations unforgettable experiences,” Elmore stated.
Multi-platinum, five-time Grammy award-winning, Celine Dion, headlines a top talent line-up which brings to the stage Nicole Henry, Jully Black, Earl Klugh, Heads of State, Cee-Lo Green, The Temptations Review featuring Dennis Edwards, Destra, and Jamaica’s finest musical talent, including Shaggy, Richie Stephens, John Holt, Yellow Man, Half Pint, Tessanne Chin and Tami Chynn, Marcia Griffiths, Lloyd Parkes and We The People, George Nooks, Luciano, Mykal Rose, AJ Brown, Freddy McGregor, Pluto Shervington, Etana, Chris Martin, and Marcia Barrett (Boney M).
Caribbean News Now